Two former Parramatta Eels players are accused of harbouring semi-automatic weapons and possessing more than half-a-million dollars in cash after dramatic arrests in Sydney's Centennial Park yesterday.

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She said the tax to GDP ratio was already at a low 22 per cent, and a one percentage point reduction would slash $15 billion from annual revenues.

"What would he have to cut to reduce it by a percentage point? Well, everything we spend on schools, almost everything we spend on family tax benefits, he'd have to take an axe to payments on childcare, to carers, to students," Ms Gillard told ABC television.

"Now if that is what the leader of the Opposition wants to do, he needs to detail how much it would cost every family in Australia through the loss of those services."